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Kitchen Nostalgia
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Check your Citi Offers to activate the following deal:
Not as good as the Chase/Bank of America offer for $15 back.
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William Charles
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Update 3/7/24: Can get an extra $20 giftcard when you use promo code WELCOME.
Unfortunately there are no Chase or AmEx offers to stack this with. You’ll need to add items to cart, but discount should apply automatically without issue.
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William Charles
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What do pet supplies and gaming have in common? Ryan Cohen.
Cohen, 38, is the founder of Chewy.com, an online pet supplies retailer valued at $16 billion.
However, he transitioned from e-comm entrepreneur to a stock market wiz when he purchased a 13% stake in GameStop in 2020 – making him the company’s single largest investor and earning him a reputation as the “king” of meme stocks, after the 2021 craze that led to a 2,500% increase in shares (and as seen in the 2023 film Dumb Money).
Now, he’s the CEO, president, and chairman of Gamestop.
Here’s what to know about billionaire Ryan Cohen.
Lurking… pic.twitter.com/wnRfJCJMRT
— Ryan Cohen (@ryancohen) May 27, 2022
Ryan Cohen was raised in Montreal, Canada. His mother was a teacher and his father, Ted Cohen, was an entrepreneur. Cohen said his father is his greatest inspiration and supported his decision not to go to college and pursue entrepreneurship instead, he wrote for Entrepreneur in 2020.
He started as a businessman at age 15 by collecting fees from e-commerce site referrals, per Forbes.
Cohen went on to co-found Chewy.com in 2011, which he said was inspired by his dog Tylee, who passed away in July, he shared on X.
Cohen grew the Chewy brand by “combining the experience of the neighborhood pet store with the convenience of shopping online was a key differentiator,” Cohen wrote in his piece for Entrepreneur. Chewy also focused on providing fast shipping and competitive pricing.
The company prioritized a “hyper-specialized experience” with Cohen’s belief that building relationships with his customers was “far more valuable than optimizing for short-term profits.”
RELATED: ‘That Act of Kindness Meant So Much’: Chewy’s Customer Service Is Melting Hearts
With a good product and the help of several investors, Chewy sales grew from $205 million in 2014 to $423 million in 2015, Cohen wrote in Harvard Business Review.
The company eventually reached $3.5 billion in annual revenues before PetSmart bought the company in 2017 for $3.4 billion, per Forbes.
Cohen left Chewy in 2018.
In August 2020, Cohen bought a 10% stake (which he later bumped to 13%) in GameStop for $76 million in hopes of helping to revive the company, per Forbes.
His fortune spiked in 2021 following the GameStop “meme stock” saga — when amateur traders on Reddit noticed that Wall Street was short-selling the stock, so they bought shares to drive the price of the stock up and “squeeze the short positions of hedge funds,” according to The Trade.
Cohen first joined Gamestop as executive chairman in June 2023 before taking over as CEO in September.
Per a company press release, he won’t be receiving compensation.
In addition to his entrepreneurial endeavors, Cohen has developed a reputation as an X personality. He often pokes fun at himself and corporate America.
There is nothing more foolish than cat litter and video games
— Ryan Cohen (@ryancohen) August 3, 2023
Work hard or please leave
— Ryan Cohen (@ryancohen) June 30, 2023
I challenge Warren Buffett to a thumb war
— Ryan Cohen (@ryancohen) June 23, 2023
I just got off the phone with what was once a great American brand. Lots of problems, no accountability for high paid execs and little interest in my help (at no cost). This could get interesting.
— Ryan Cohen (@ryancohen) April 12, 2023
Thanks to his work at Chewy, Ryan Cohen has an estimated net worth of $3 billion, according to Forbes. His fortune has nearly doubled since 2021.
Apart from his investments in Chewy and GameStop, Cohen also became Apple’s single largest investor in 2020, purchasing 6.2 million shares, according to TheStreet.
Additionally, he also bought stock in Bed Bath & Beyond last year, but soon sold the shares for $68 million. He wrote a letter to the company’s board offering guidance to improve management.
Cohen is also said to own millions worth of stock in Alibaba and Nordstrom.
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Sam Silverman
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After years of pulling the strings from behind the scenes, GameStop chairman and billionaire Chewy founder Ryan Cohen appointed himself CEO of the ailing video game store on Thursday. His first email to staff, obtained by Kotaku, called for “extreme frugality” and said “time wasters” would not be tolerated as the meme stock company fights to survive.
“It is not sustainable for GameStop to operate a money losing business,” Cohen, who first joined the board of directors back in 2021, told corporate employees. Despite effectively being in charge of the retailer for a couple years now, engineering short-lived pushes into better online deliveries, NFTs, and selling things like gamer chairs and TVs, GameStop has remained mostly unprofitable during his reign.
A recent exodus among the c-suite, including Cohen’s firing of his own hand-picked CEO, Matt Furlong earlier this year, has left the company seemingly more adrift than ever. GameStop initiated several waves of layoffs in 2022, and has continued to decimate staffing levels at individual stores, even though its meme stock windfall means it still has roughly $1 billion in cash reserves.
Cohen’s first email to employees after making himself boss struck a grim and threatening tone. “Every expense at the company must be scrutinized under a microscope and all waste eliminated,” he wrote. “The company has no use for delegators and money wasters. I expect everyone to treat company money like their own and lead by example.”
It’s not clear what’s left to cut at the company, however. The core of GameStop’s troubles remains an ongoing shift from physical game sales to digital downloads. A massive Xbox leak earlier this month suggested Microsoft might soon be phasing out disc drives for its own consoles altogether. Funko Pop! and other collectible merchandise has taken over more and more of the chain’s retail shelves, but has so far been unable to make up for the losses from fewer sales of used games.
Here’s Cohen’s full email to GameStop employees:
I will be straight to the point.
It is not sustainable for GameStop to operate a money losing business. The mission is to operate hyper efficiently and profitably. Our expense structure must allow us to endure any adverse scenario. Whether it’s a difficult economy or revenue deceleration from shrinking software, we must be profitable. Our job is to make sure GameStop is here for decades to come. Extreme frugality is required. Every expense at the company must be scrutinized under a microscope and all waste eliminated. The company has no use for delegators and money wasters. I expect everyone to treat company money like their own and lead by example.
Prospering in retail means survival. If we survive, we stay in the game. Survival is avoiding the deadly sins that often lead retailers to self-destruct. This is usually a result of the following – buying bad inventory, using leverage, and running expenses too high. By avoiding these self-inflicted mistakes and focusing on the basics, GameStop can be here for a long time.
I expect everyone to roll up their sleeves and work hard. I’m not getting paid, so I’m either going down with the ship or turning the company around. I much prefer the latter.
It won’t be easy. Best of luck to us all.
Ryan
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Ethan Gach
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Introducing Lick ‘n’ Lap Smooth Jelly & Meaty Gravy Because Vitakraft Knows ‘What Cats Are Really Into’
Press Release
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Jul 19, 2022
BOWLING GREEN, Ohio, July 19, 2022 (Newswire.com)
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Pet parents have trusted Vitakraft with all their pets’ needs for over 180 years and, as a result, Vitakraft truly knows “What Cats Are Really Into.” To meet the needs of different cat personalities, Vitakraft is committed to making high-quality, low-calorie cat treats in multiple textures: liquid, jelly, morsels, and sticks.
To that end, Vitakraft debuts two new products in its signature Lick ‘n’ Lap™ Snack Line, including Lick ‘n’ Lap™ Smooth Jelly and Lick ‘n’ Lap™ Meaty Gravy. With Lick ‘n’ Lap Cat Treats, even the most stubborn and finicky of cats will cozy up as soon as they see a Lick ‘n’ Lap!
As an in-between meal treat, delicious training tool or scrumptious saucy topper for food, the Lick ‘n’ Lap Snack Line offers convenient, single-serve pouches that provide cats with flavor-boosting treats made with real chicken and salmon. All Lick ‘n’ Lap varieties can be enjoyed straight from the tube, squeezed directly into a bowl or used as a tasty food topper. They’re the perfect format for hand-feeding and bonding with a furry friend.
These new lick-able treats join the original Lick ‘n’ Lap Snack, Vitakraft’s #1 cat treat, which are used by Certified Feline Training and Behavior Specialist Molly DeVoss to turn shelter cats from scared and shut down to adoptable. These treats add moisture to a cat’s diet and are bursting with natural flavors and added vital ingredients like Omega-3, to support a healthy coat and skin, and Taurine, to support a healthy heart. They come in Salmon and Chicken flavors in five-pack squeezable tubes at an SRP of $3.99.
“I have found Vitakraft’s Lick ‘n’ Lap treats to be the perfect training tool to form a closer bond with your feline friends,” explains DeVoss.
“We at Vitakraft are very excited to debut these new items to complement our full line of amazing treats for cats,” says Miguel Gonzalez, Chief Marketing Officer at Vitakraft. “We know ‘what cats are really into’ and these treats not only are good for your pet, but good for your life with your pet.”
Vitakraft Cat Treats can be found in-store at Walmart, Petco, PetSmart, Pet Supplies Plus and other major pet supply stores, as well as across the U.S. in neighborhood pet shops. Online retailers include Amazon and Chewy.
Please visit the Vitakraft U.S. website to learn more about Vitakraft’s collection of small-batch cat treats packed with healthy and flavorful ingredients in the shapes, tastes, and textures any favorite feline will love. Plus, find the best tips for cat owners to strengthen the bond with their cats.
Media Contact:
Stacey Bender
973-650-1218
Source: Vitakraft
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